Palestine in History via Artefacts

Palestine Currency Board; British Mandate of Palestine; the birth of Palestine Currency Board - 1917-1927 & Post 1927

In 1926, the Secretary of State for the Colonies (British Mandate) has constituted the Palestine Currency Board in order to introduce a local currency in Palestine. The currency was based on the British Pound Sterling, and divided into 1000mils. The Palestine Currency Board provided for and controlled the supply of currency in Palestine, the Board was chaired by Percy G. Ezechiel, Ezechiel’s signature appeared in all of the PCB banknotes, dates and denominations. Note: the Palestine Currency Board banknotes were printed in England.

Palestine Currency Board banknotes came into circulation in September first 1927, small quantities were issued and the reason was to test public acceptable to currency (mainly Arab community as there was Jewish scripts in the banknotes even though Jewish populations was small at that time, recorded to be less than 7% of the total population of Palestine). Public gradually accepted currency, and thereafter, the British Mandate issued major quantities (based on demands) in 1929 and 1939. There was a final issue of Palestine currency dated 1944/1945; and after Nakba, Palestine Currency Board banknotes were demonetized in ‘Israel’.

Still PCB is considered the most valuable collectables; it contains the name of Palestine and three distinct languages, also knowing the fact that it is very expensive but still worth every cent.

The Palestine Currency Board had the following denominations:

1) 500-mils

2) 1-pound

3) 5-pounds

4) 10-pounds

5) 50-pounds

6) 100-pounnds